Petrobras, BTG Pactual Form JV for Exploration in Africa

  • Business & Finance

Petrobras, BTG Pactual Form JV for Exploration in Africa

Petrobras  and Banco BTG Pactual S.A. (“BTG Pactual”), in compliance with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, or CVM) Rule 358/2002, have announced Petrobras International Braspetro B.V. (“PIBBV”), controlled by Petrobras, and an investment vehicle managed and advised by BTG Pactual (“BTG Pactual Vehicle”), entered into a binding agreement  to establish a 50/50 joint venture for oil and gas exploration and production in Africa (“E&P”).

The Brazilian oil giant said that the partnership between Petrobras and BTG Pactual represents a promising investment opportunity in E&P in Africa and will be the preferential vehicle of the two parties for new investments of this nature in the continent.

The joint venture will be formed upon the acquisition – by BTG Pactual and its clients acting through the BTG Pactual Vehicle – of 50% of the shares issued by Petrobras Oil & Gas B.V. (“PO&G”), currently wholly owned by PIBBV, for a total of US$1.525 billion. Once the corporate restructuring currently in progress is concluded, the operation will involve the branches located in Angola, Benin, Gabon and Namibia, as well as the subsidiaries Brasoil Oil Services Company (Nigeria) Ltd., Petroleo Brasileiro Nigeria Ltd. and Petrobras Tanzania Ltd.

 

[mappress]
 June 16, 2013

 

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